2017 Q2 Form 10-Q Financial Statement

#000162828017006263 Filed on June 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $182.6M $139.9M
YoY Change 30.51% 88.92%
Cost Of Revenue $63.55M $46.98M
YoY Change 35.27% 58.52%
Gross Profit $119.1M $92.97M
YoY Change 28.11% 109.19%
Gross Profit Margin 65.21% 66.43%
Selling, General & Admin $111.9M $104.7M
YoY Change 6.86% 71.55%
% of Gross Profit 93.92% 112.6%
Research & Development $65.43M $52.94M
YoY Change 23.59% 67.09%
% of Gross Profit 54.94% 56.94%
Depreciation & Amortization $14.40M $10.10M
YoY Change 42.57% 62.9%
% of Gross Profit 12.09% 10.86%
Operating Expenses $177.3M $157.6M
YoY Change 12.48% 70.03%
Operating Profit -$58.19M -$64.65M
YoY Change -9.99% 33.96%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.995M $1.282M
YoY Change 55.62% -282.36%
Pretax Income -$56.20M -$63.37M
YoY Change -11.32% 29.42%
Income Tax $964.0K $420.0K
% Of Pretax Income
Net Earnings -$57.16M -$63.79M
YoY Change -10.39% 29.86%
Net Earnings / Revenue -31.3% -45.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$277.9K -$337.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $536.0M $607.0M
YoY Change -11.7% 250.46%
Cash & Equivalents $168.8M $286.1M
Short-Term Investments $367.2M $320.9M
Other Short-Term Assets $45.00M $35.30M
YoY Change 27.48% 58.3%
Inventory $39.48M $21.98M
Prepaid Expenses
Receivables $132.1M $97.16M
Other Receivables $0.00 $0.00
Total Short-Term Assets $752.6M $761.4M
YoY Change -1.16% 178.4%
LONG-TERM ASSETS
Property, Plant & Equipment $82.29M $71.26M
YoY Change 15.49% 63.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.97M $21.53M
YoY Change 43.83% 6.59%
Total Long-Term Assets $120.2M $100.0M
YoY Change 20.19% 39.15%
TOTAL ASSETS
Total Short-Term Assets $752.6M $761.4M
Total Long-Term Assets $120.2M $100.0M
Total Assets $872.9M $861.5M
YoY Change 1.32% 149.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.02M $42.44M
YoY Change 20.19% 198.9%
Accrued Expenses $15.98M $15.97M
YoY Change 0.07% 1.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $251.9M $188.8M
YoY Change 33.42% 122.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.268M $1.643M
YoY Change 98.9% -96.98%
Total Long-Term Liabilities $3.268M $1.643M
YoY Change 98.9% -96.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $251.9M $188.8M
Total Long-Term Liabilities $3.268M $1.643M
Total Liabilities $407.6M $320.1M
YoY Change 27.34% 129.6%
SHAREHOLDERS EQUITY
Retained Earnings -$864.9M -$618.8M
YoY Change 39.76%
Common Stock $1.331B $1.159B
YoY Change 14.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $465.3M $541.4M
YoY Change
Total Liabilities & Shareholders Equity $872.9M $861.5M
YoY Change 1.32% 149.41%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$57.16M -$63.79M
YoY Change -10.39% 29.86%
Depreciation, Depletion And Amortization $14.40M $10.10M
YoY Change 42.57% 62.9%
Cash From Operating Activities -$14.30M $6.993M
YoY Change -304.5% -149.6%
INVESTING ACTIVITIES
Capital Expenditures $12.77M $24.38M
YoY Change -47.62% 261.55%
Acquisitions
YoY Change
Other Investing Activities -$4.300M -$319.4M
YoY Change -98.65%
Cash From Investing Activities -$17.04M -$343.8M
YoY Change -95.04% 5031.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $16.42M $18.17M
YoY Change -9.61% 1197.86%
NET CHANGE
Cash From Operating Activities -$14.30M $6.993M
Cash From Investing Activities -$17.04M -$343.8M
Cash From Financing Activities $16.42M $18.17M
Net Change In Cash -$14.92M -$318.6M
YoY Change -95.32% 1542.51%
FREE CASH FLOW
Cash From Operating Activities -$14.30M $6.993M
Capital Expenditures $12.77M $24.38M
Free Cash Flow -$27.07M -$17.38M
YoY Change 55.73% -16.6%

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NetCashProvidedByUsedInInvestingActivities
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CY2016Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6993000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14301000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-63788000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-62374000 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1282000 USD
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1995000 USD
CY2017Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2017Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
157617000 USD
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
182488000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-64650000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-63405000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5344000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30565000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30970000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
807000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
117000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3159000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3268000 USD
CY2016Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-182000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-451000 USD
CY2016Q2 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
343466000 USD
CY2017Q2 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
55976000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24376000 USD
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12769000 USD
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
25157000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
28637000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
15079000 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
14166000 USD
CY2016Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
0 USD
CY2017Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
46321000 USD
CY2016Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
23327000 USD
CY2017Q2 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
5384000 USD
CY2016Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3091000 USD
CY2017Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2257000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
175302000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
190211000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
81695000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
82293000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
52938000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
65428000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12734000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12700000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12732000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
12700000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-802480000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-864854000 USD
CY2017Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
540000 USD
CY2017Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
292000 USD
CY2016Q2 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
17600000 USD
CY2017Q2 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
20500000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
111738000 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
138425000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
139947000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
182631000 USD
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
28209000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
44206000 USD
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
83098000 USD
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
96964000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
22998000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
32219000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
30739000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.45
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
605324 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
315502000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
273338000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
56840189 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
54894744 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.15
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.22
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
208957000 USD
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.84
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.74
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y11D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1340121 shares
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
478430000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
465308000 USD
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
189283000 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
205783000 shares
CY2017Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:37px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ from these estimates. Such estimates include, but are not limited to, the determination of best estimate of selling price included in multiple-element revenue arrangements, sales commissions, useful lives of intangible assets and property and equipment, fair values of stock-based awards, provision for income taxes, including related reserves, and contingent liabilities, among others. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</font></div></div>

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